Solana started a fresh increase from the $162 zone. SOL price is now consolidating gains and might aim for more gains above the $172 zone.
- SOL price started a fresh upward move above the $165 and $166 levels against the US Dollar.
- The price is now trading above $165 and the 100-hourly simple moving average.
- There is a contracting triangle forming with resistance at $168 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $172 resistance zone.
Solana Price Eyes Upside Break
Solana price started a decent increase after it found support near the $162 zone, like Bitcoin and Ethereum. SOL climbed above the $165 level to enter a short-term positive zone.
The price even smashed the $1682 resistance. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $172 swing high to the $162 low. However, the bears are active near the $170 zone.
The 76.4% Fib retracement level of the downward move from the $172 swing high to the $162 low is acting as a resistance. There is also a contracting triangle forming with resistance at $168 on the hourly chart of the SOL/USD pair.
Solana is now trading above $165 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $170 level. The next major resistance is near the $172 level. The main resistance could be $175. A successful close above the $175 resistance zone could set the pace for another steady increase. The next key resistance is $182. Any more gains might send the price toward the $192 level.
Are Downsides Limited In SOL?
If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 zone. The first major support is near the $162 level.
A break below the $162 level might send the price toward the $152 support zone. If there is a close below the $150 support, the price could decline toward the $145 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $164 and $162.
Major Resistance Levels – $170 and $172.
